SML Isuzu on Saturday said it is aiming to capture 10 per cent market of the Light Commercial Vehicle (LCV) segment in the country in the next financial year, on the back of new product launches.
“We are targeting to increase our market share to 10 per cent in this segment by 2014-15 end. We would be introducing new models to achieve the target,” the company Managing Director and CEO Eiichi Seto said.
The company (formerly known as Swaraj Mazda) presently has about eight per cent market share in the LCV segment, Mr. Seto said, adding that they plan to launch at least 3-4 new products every year.
SML Isuzu on Saturday launched XM series vehicles in 10-13 tonne gross vehicle weight (GVW) range. These are priced at Rs. 13 lakh onwards and the company expects to sell about 100 units of the new models each month this year.
Stating that the XM series vehicle are fitted with improved with better fuel efficient engine which would provide higher torque on reduced operating cost, Mr. Seto said by April their entire LCV range will be upgraded to this series.
The company sold around 13,000 vehicles in the 2012-13, expects the number to be around 10,000 units in the current financial year.
Additionally, the commercial vehicle maker is also eyeing new exports markets to boost sales.
“We presently export to neighbouring countries like Bangladesh, Nepal, and Sri Lanka. The base is very small… about 1,000 units annually. We want to increase this. We are exploring new markets in Afirca. We already export to Ghana and Nigeria," SML Isuzu Vice President Marketing K B Prasad said.
SML Isuzu was set up as a JV between Sumitomo Corporation of Japan and Mazda Corporation in 1983-85. In 2006, SML had forged alliance with Isuzu Motors. It sells LCVs with GVW in the range of 6-13 tonnes with prices starting from Rs. 7 lakh.
